The UK company hopes to launch its Low Energy X-ray (LEXR) sterilisation machine later this year
EnXray, a developer of innovative sterilisation equipment, has raised ¬£2.3m to support the pre-commercialisation activities, manufacturing and launch of its ground breaking Low Energy X-ray (LEXR) sterilisation machine.¬†
The LEXR equipment enables on-site and on-demand sterilisation of medical devices and consumables at the point of manufacture.¬†
EnXray is carrying out initial product sterilisation¬†testing with potential customers with its prototype machine and is on track for commercial launch by the last quarter of this year.
EnXray has entered into a loan agreement with Finance Birmingham for up to ¬£2m, as part of the funding support under the UK's Advanced Manufacturing Supply Chain Initiative (AMSCI), a programme, which is supported by the Department of Business, Energy and Industrial Strategy (BEIS).¬†The funds will be drawn down in tranches during the year to match the company‚Äôs progress.
In addition, the company has also raised equity totalling ¬£327,000 as a final closing on its 2016 equity funding round.¬†The equity funding is in addition to the ¬£800,000 that was announced in October 2016.
Ed Cappabianca, co-founder and CEO of EnXray, said: ‚ÄúThe loan facility is an excellent form of capital to assist EnXray in the further development and commercialisation of our technology.¬†We also appreciate the further commitment of equity capital that came primarily from CBC Holding AB, one of our new investors in 2016, which co-led the 2016 equity funding with the North West Fund for Biomedical. We are looking forward to our commercial launch later in 2017.‚ÄĚ¬†
Andy Green, Finance Birmingham Investment Director, commented: ‚ÄúWe are really pleased to have been able to provide EnXray with funding that builds on R&D and the commercialisation of their product within an exciting market place.‚ÄĚ
EnXray will be at the¬†XIVth Anglo Nordic Life Science Conference¬†on Wednesday, 31¬†May 2017.¬† Ed Cappabianca, CEO, will be presenting an overview on the company‚Äôs technology.